WORKPAY Raises $5 Million For Global Expansion Plans
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A firm in Kenya that provides online tools for handling employee information and payments, WORKPAY, has raised $5 million in new funding. The funding round was led by Norrsken22, which has also recently funded NALA and Orca.
Other investors include Y Combinator, Visa, Axian, Saviu Ventures, Plug n Play, Acadian Ventures, and Verod-Kepple Africa Ventures. This new funding comes after the company raised $2.7 million in pre-Series A funding last year.
Workpay to assist African Businesses Struggling With Payroll Solutions
Startups will use the funds raised to assist their firms’ growth globally and expand their financial services offerings. Several businesses within and across Africa usually struggle with productive employment platforms, finding its way across diverse regulations and rules, scattered employees, and mixed workplaces.
Preparing payroll causes delays especially for Small and Medium Businesses (SMBs), with over 80% of Small and Medium Businesses still running manual payrolls with Excel and Google Sheets. This makes payroll systems very difficult to maintain and use.
In these businesses, third-party ideas and solutions are employed. However, this brings about limited features, knowing that the software often used by large companies has a high cost.
Workpay is important as it assists African businesses with its payroll solutions and end-to-end HR. It was founded by Jackson Kibigo and Kimani Paul. Workpay gives a detailed cloud-based payroll and human resource platform that takes care of all movements of contractors and employees ranging from the point of onboarding to offboarding.
In addition to this are features such as expense tracking, time tracking, payroll processing, performance management, leave management, employee benefits administration, and many more. One aim of workpay is to ensure that employees across different markets comply with regulatory standards.
The New Funding Will Enhance Employee Financial Services
Workpay already has a strong base with over 1,000 businesses using its platform in more than 20 African countries. The company aims to lead the future in employee financial services and benefits.
The Chief Executive Officer of Workpay Paul Kimani, revealed that the goal of the firm is to become a major solution to employees in managing human resources, employers, payroll, and other related works and benefits.
He said the firm’s understanding of rules across Africa permits several companies working across different countries to operate a single payroll and tax system. Paul said the system would bring the company great achievement, and help Workpay attain its desired profit levels.
